Utilizing loss control techniques may improve the safety environment of your business, protect your physical property and reduce the chances of needing to file an insurance claim.
Our experienced agents can answer questions regarding loss control and explain its relationship with securing commercial insurance. Contact us today for details.
Loss control involves implementing risk management strategies to lower the probability of accidents and to reduce the severity of those that do happen. It is not a form of insurance, but it can lessen the price of premiums by improving your company’s attractiveness to insurance companies.
Insurance companies will often conduct a risk assessment or survey before issuing a policy. This process may use various methods to analyze potential causes of losses. Then, they may recommend or require risk reduction actions.
There are several ways your business can assist insurers with these assessments. For example, you can:
- Review your risk management systems in place.
- Compile your loss control documentation.
- Present this information to the insurance company.
Your insurer can then more thoroughly analyze what is being done and offer tips for improvement (e.g., safety program development or safety training). They may also be able to provide step-by-step risk mitigation guidance.
Contact Us for More Information
We are ready to work with you to discuss loss control strategies, services and available resources. Our professionals can also help you with your insurance needs. Contract Elite Insurance Group today to get started.